Sea1 Offshore Incorporation · OSL:SEA1
Sea1 Offshore Incorporation — Sea1 Offshore — Q1 2026 Earnings Presentation
15 slides from Sea1 Offshore Incorporation's earnings presentation, Apr 30, 2026
Slide 1: Sea1 Offshore Inc. First quarter 2026 presentation
Sea1 Offshore Inc. First quarter 2026 presentation
Slide 2: Disclaimer
Disclaimer This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projec
Slide 3: Financial highlights
Financial highlights (Amounts in USD million) Q1 2026 Q1 2025 Comments Revenue 72.0 68.5 ▪ EBITDA margin of 52% ▪ Book equity of 49%, post dividend EBITDA 37.5 40.3 Operating profit 24.4 27.0 Net profit 28.3 22.2 Cash and cash equivalents 68.3 52.6 Equity 395.3 332.6 Net interest-bearing debt 217.5
Slide 4: Business update
Business update Highlights Operational highlights ▪ The contract for Sea1 Maragogi (OSRV) was extended with ▪ Overall fleet utilization in the quarter was 90% (2025: 88%), one year of firm period in direct continuation, taking the excluding vessels in lay-up vessel’s firm period up to January 2027 ▪
Slide 5: Income statement
Income statement (Amounts in USD 1,000) Q1 Q1 Jan-Dec 2026 2025 2025 Operating revenue 71,993 68,548 271,549 Operating expenses -26,672 -22,423 -95,274 Administrative expenses -7,775 -5,780 -26,711 EBITDA 37,547 40,345 149,564 Depreciation and amortization -13,163 -13,532 -51,330 Other gain / (loss)
Slide 6: Overview of main operating segments
Overview of main operating segments Q1 operating margin per segment Full year 2025 operating margin per segment 50 180 6,6 45 160 1,6 1,7 40 140 10,5 53,3 35 16,5 120 30 3,6 USD million USD million 100 18,2 25 4,0 80 20 60 15 28,5 90,2 21,1 40 10 5 20 0 0 Q1 2026 Q1 2025 2025 Subsea PSV AHTS FCV/OSR
Slide 7: Financial position
Financial position Assets Equity & liabilities Comments 900 900 ▪ Solid financial position 800 68 800 ▪ Book equity ratio of 49% 165 700 87 700 ▪ Gross interest-bearing debt of USD 286 600 600 million USD million USD million 252 500 500 ▪ Net interest-bearing debt of USD 217 400 400 million 658 300
Slide 8: Cashflow YTD 2026
Cashflow YTD 2026 Increase Decrease Total 120 23 -3 100 86 80 -26 68 USD million -11 -1 60 40 20 0 Cash start Cash from operations Net interest Capex Net reduction of debt Other Cash end 8
Slide 9: Contract backlog
Contract backlog USD 665 million of firm contract backlog as of 31 March 2026, in addition to USD 551 million of options Firm backlog per year Firm backlog per segment 300 250 3 5% 10 % 200 5% USD million 150 14 24 11 8 244 24 31 17 100 50 88 103 98 80 % 0 2026 2027 2028 2029 and onwards Subsea AHTS
Slide 10: Employment overview - Sea1 Offshore's owned fleet
Employment overview - Sea1 Offshore’s owned fleet Contract days vs available days per segment, as of 31 March 2026 2026 2027 2028 100 % 100 % 100 % 90 % 90 % 90 % 80 % 80 % 80 % 70 % 70 % 70 % 60 % 60 % 60 % 50 % 50 % 50 % 40 % 40 % 40 % 30 % 30 % 30 % 20 % 20 % 20 % 10 % 10 % 10 % 0% 0% 0% Subsea P
Slide 11: Modern and high-end fleet operated by Sea1 Offshore
Modern and high-end fleet operated by Sea1 Offshore 15 owned vessels and 4 newbuilds on order in addition to vessel management WIV 2 OSCV 1 Newbuilds 4 AHTS 6 Well Intervention Vessels Offshore Subsea Construction Vessels Offshore Energy Support Vessels Anchor Handling Tug Supply PSV 2 FCV/OSRV 4 Ve
Slide 12: Geographical footprint – local presence in key markets
Geographical footprint – local presence in key markets Sea1 Offshore owned vessels Vessels on management North Sea - AHTS – Sea1 Ruby - AHTS - Brage Viking (Management) - AHTS - Loke Viking (Management) - AHTS - Magne Viking (Management) - AHTS - Njord Viking (Management) Canada - AHTS - Odin Viking
Slide 13: Market and outlook
Market and outlook ▪ The Middle East conflict has driven oil prices significantly higher and disrupted offshore activity in the Persian Gulf, halting operations and leaving many offshore vessels, especially AHTSs and PSVs, stuck in the region. However, this has not significantly affected offshore ma
Slide 14: Summary
Summary Strong quarter with high activity First class operations with excellent HSEQ performance Newbuilding program on track Solid financial position Strong backlog with quality clients Positive long-term market outlook 14
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